As reported by Sue Williams in Domain, October 19, 2018 – read story here.
Photographer Jason Busch rarely has to worry about his five-year-old son being late for school. Living right opposite Woollahra Public School, in the eastern suburbs, he has only to glance at the clock and then it’s a 30-second walk.
“We’d heard how good the school was, so that’s a real advantage of living here,” says Busch, who has a daughter, three, who will also attend the school. “As well as being so convenient, getting involved with the school is a great way of becoming part of the community.”
“We’d heard how good the school was, so that’s a real advantage of living here,” says Busch.
The chance to live in the catchment area of a well-regarded school is a major driver of price in the property market and likely to become more so as private school fees rise, says Domain Group analyst Nicola Powell.
“We know that well-performing public schools certainly have an effect on an area’s price growth,” Dr Powell says. “Private school fees have increased quite significantly, so, if people are priced out of those, they’ll look for good public schools.
We also tend to find that residents of those areas will stay in those homes for longer, which limits supply and puts even more upward pressure on prices.Domain Group analyst Nicola Powell
“We also tend to find that residents of those areas will stay in those homes for longer, which limits supply and puts even more upward pressure on prices.”
The residence is on the north corner of a 1890 Victorian manor converted into apartments.
It’s difficult to pinpoint by how much prices may be inflated by the presence of a good school, but anecdotally experts say it can be as much as 5 or 10 per cent.
Real Estate Institute of NSW president Leanne Pilkington believes a school’s strong reputation can precede it. “It can create extra competition in the market, especially if there’s not a lot of property coming up in the area. It can add to the value quite considerably.”
Competition is now so fierce to enrol in some popular public schools that principals ask parents to sign statutory declarations about their living arrangements to make sure their children are eligible to attend. Even leases on investment properties have to be long-term, and false declarations can be punishable by fines of up to $22,000.
The home has retained its original charm after a contemporary renovation.
Ray White Double Bay agent Di Wilson, who’s selling Busch’s two-bedroom apartment on Edgecliff Road as he and his family look to upsize, believes the prospect of a home so close to an excellent eastern suburbs school will be attractive for a young family.
The garden residence is on the north corner of a 1890 Victorian manor converted into apartments. It has retained its original charm after a contemporary renovation.
“It has all the convenience of an apartment, but it feels much more like a house,” says Wilson, who leads it to a November 8 auction with a price guide of $1.45 million. She says the manor’s apartments were once inhabited by artists and writers.
“For me, arriving in Sydney, it felt like a real community here,” says Busch. “And it still does.”
It’s a similar story for catchments in the inner west, advises Chris Parsons, of McGrath Leichhardt. He says that most buyers ask about zonings for schools such as Leichhardt Public and Orange Grove in Lilyfield. “As well as adding to the price, those schools make all the difference between homes selling or not selling.”
In Baulkham Hills, the high-achieving Matthew Pearce Public is another lure for home-buyers.
“It’s a crucial consideration for a lot of parents,” says Declan Morris, of Manor Real Estate. “We receive a lot of inquiries … and, if they’re not in the right catchment, people often decide to look elsewhere.”